If You Have a Defined-Benefit Retirement Plan Through Your Place

question 155

Multiple Choice

If you have a defined-benefit retirement plan through your place of employment,you are considered a(n) ________;and as such,there is an income limit after which your IRA contributions are no longer tax deductible.

• A)restricted participant
• B)deactivated participant
• C)active participant
• D)All of the above are correct.
• E)Only A and C are correct.

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Definitions:

Perpetual Inventory System

A method of inventory management where adjustments to inventory accounts are made continuously as transactions occur.

Cost Of Goods Sold

An accounting term referring to the direct costs attributable to the production of the goods sold by a company.

Ending Inventory

The total value of goods available for sale at the end of an accounting period, becoming the next period's beginning inventory.

Periodic Inventory System

An inventory accounting system where updates to inventory levels are made at specific intervals, such as monthly or annually, rather than continuously.